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New York State residents should keep an eye on their mailboxes as the state begins sending out checks for unclaimed funds. A recent change in state law allows the New York State Comptroller's office to issue checks up to $250 without requiring individuals to file a claim. These funds come from old bank accounts, uncashed checks, and abandoned money that has been turned over to the state.
According to Comptroller Thomas DiNapoli, New York is holding nearly $19 billion in unclaimed funds, covering more than 11 million accounts. Most of this money is owed to deceased individuals, but heirs may have the right to claim it. DiNapoli advises checking the Comptroller's website and searching for relatives' names to see if any unclaimed funds are available.
Previously, people had to visit the state's website and file claims for any amount, but now this is only necessary for amounts over $250. Checks for amounts under $250 will be mailed directly to the rightful owners after verification.